Request for Payment: Providing a solution to the cash application challenges of businesses
Request for Payment allows businesses to send electronic invoices and receive corresponding payment and remittance through the ACH Network, supporting straight-through processing, creating efficiencies, and providing for cost savings.
What Is It?
Request for Payment is a standardized ACH Network message that businesses can leverage to send electronic invoices to customers via the ACH Network, and their customers can, in turn, use to make payment and share corresponding remittance information.
Businesses can benefit significantly by leveraging the ACH Network to send electronic invoices and collect payment. From an Order-to-Cash perspective, businesses can:
From a Procure-to-Pay Perspective, businesses can:
How Can Businesses Participate?
Businesses of all sizes can leverage the Request for Payment ACH Network message. Businesses will simply need to agree to the Request for Payment rules by including them or referencing them within existing trading agreements. The Rules are currently being finalized, and should be available in late October. Submit a Request for Payment Interest Form to be notified once the rules are available.
For more information, email NACHA's Opt-in Program.